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UPDATE 4-AmeriGas snaps up Energy Transfer's propane business for $2.8 bln

* Expects to declare one-time distribution increase of 3 pct on deal closureBy Vaishnavi Bala and Swetha GopinathOct 17 (Reuters) - AmeriGas Partners L.P. will buy Energy Transfer Partners L.P.'s propane business for $2.8 billion, helping the largest U.S. propane retailer nearly double its customers and cash in on a price increase for the heating fuel.About 5 percent of total U.S. households use propane for heating. The U.S. Energy Information Administration expects propane to be costlier this winter.AmeriGas, 44 percent owned by gas distributor UGI Corp , will add over one million retail propane customers and over 500 million gallons to its distribution operations."We can definitely see some positives in terms of quality of their business versus AmeriGas existing territory...propane companies are looking at jacking up margins they are making on every gallon they sell as they have so much pricing power," Morningstar analyst Mark Barnett told Reuters.By selling off its propane business to AmeriGas, Energy Transfer looks to focus on its pipeline assets, signalling the move among energy companies to concentrate on the increasing value of their pipeline assets.Earlier on Monday, Enterprise Products said it will sell some natural gas storage facilities to partly fund the construction of its midstream energy projects.Energy Transfer Partners' general partner - Energy Transfer Equity LP - is engaged in a takeover battle with Williams Cos for pipeline operator Southern Union Co .AmeriGas shares were almost trading flat at $45.72 while Energy Transfer was up 4 percent on the New York Stock Exchange on Monday.DEBT CONTROLThe value of pipeline assets has shot up sharply with oil majors spending billions of dollars to develop and produce shale gas and crude oil in areas with poor infrastructure.Energy Transfer has been looking to shed its propane business for a long time, analysts say."The cash from the sale will help reduce ETP's debt and external capital requirements, which we believe has been weighing on ETP units," RBC Capital Markets analyst Elvira Scotto said.Energy Transfer's long-term debt stood at $7.64 billion as of June 30, according to Thomson Reuters data.On Sunday, Kinder Morgan Inc struck a $21 billion deal to buy rival El Paso Corp , combining the two largest natural gas pipeline operators in North America.The Energy Transfer deal, which is expected to close in late 2011 or early 2012, comprises $1.5 billion in cash and about $1.3 billion in AmeriGas units.AmeriGas expects to declare a one-time distribution increase of 3 percent following deal close.Energy Transfer's propane operations extend over 41 states.J.P. Morgan Securities LLC advised AmeriGas on the transaction.

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Hedge fund couple split businesses after separation

Murrin, a former oil company geologist well known in the hedge fund industry for his outspoken geopolitical views, has taken sole ownership and become CEO of London-based Emergent Asset Management, a spokesman said on Wednesday.Meanwhile, Canadian Payne, a former Goldman Sachs banker, has quit as Emergent's CEO and become UK-based executive chairman of South Africa-based Emvest, which will continue to run the African Agriland fund -- a portfolio that has courted some controversy for its investments in African farmland."They've had an amicable separation ... and they've decided to divide up the businesses," a spokesman said.The company has declined to say how much money it manages, although it said in January that Agriland was the largest agricultural fund in Africa.The separation follows news of the high-profile divorce of Pierre Lagrange, star manager at GLG, part of Man Group (EMG.L).This summer Emergent came in for criticism from California-based thinktank the Oakland Institute over the Agriland fund, which aims for returns of 25 percent a year from land price appreciation, and food and biofuel production.In a June report entitled "Understanding Land Investment Deals in Africa", Oakland -- which said Emergent has close to $540 million invested in African land deals -- said the hedge fund firm was engaged in a "quest for control of global food markets".It added that Murrin and Payne "have played leading roles in creating the commodity crises they are presently exploiting through funds such as the African Agriland Fund".In a statement emailed to Reuters, Emvest said Oakland had "misrepresented ... the reality of much agricultural land development in Africa."Our focus concerns increasing food production involving commercial farms and smallholders alike, uplifting communities through, for example, the provision of employment, access to agricultural support for improved crop production, access to markets for small scale farmers, access to clean water, and various facilities and health care."Murrin, who has stepped down from the board of Emvest, plans to unveil new directors and new projects for Emergent, the spokesman said, although he declined to give further details.Emergent's investments are driven by Murrin's views as outlined in his book "Breaking the Code of History", which focuses on his theory of historical cycles.One prediction included "armed conflict" as China expands and the United States' power declines.Earlier this year he outlined plans for funds based on six trends he believes will define the coming decades: the rise of a multipolar world, increased commodity rivalry, increased polarisation and a "move to war", growing military spending, a rising tide of epidemics and climate change.Payne confirmed her new role but declined to give detailed comments.Meanwhile Emergent director Alfred Vinton, who owned 5 percent of the firm, has left the firm.

[harmonyerimmer-blog]

Hedge fund couple split businesses after separation

Murrin, a former oil company geologist well known in the hedge fund industry for his outspoken geopolitical views, has taken sole ownership and become CEO of London-based Emergent Asset Management, a spokesman said on Wednesday.Meanwhile, Canadian Payne, a former Goldman Sachs banker, has quit as Emergent's CEO and become UK-based executive chairman of South Africa-based Emvest, which will continue to run the African Agriland fund -- a portfolio that has courted some controversy for its investments in African farmland."They've had an amicable separation ... and they've decided to divide up the businesses," a spokesman said.The company has declined to say how much money it manages, although it said in January that Agriland was the largest agricultural fund in Africa.The separation follows news of the high-profile divorce of Pierre Lagrange, star manager at GLG, part of Man Group (EMG.L).This summer Emergent came in for criticism from California-based thinktank the Oakland Institute over the Agriland fund, which aims for returns of 25 percent a year from land price appreciation, and food and biofuel production.In a June report entitled "Understanding Land Investment Deals in Africa", Oakland -- which said Emergent has close to $540 million invested in African land deals -- said the hedge fund firm was engaged in a "quest for control of global food markets".It added that Murrin and Payne "have played leading roles in creating the commodity crises they are presently exploiting through funds such as the African Agriland Fund".In a statement emailed to Reuters, Emvest said Oakland had "misrepresented ... the reality of much agricultural land development in Africa."Our focus concerns increasing food production involving commercial farms and smallholders alike, uplifting communities through, for example, the provision of employment, access to agricultural support for improved crop production, access to markets for small scale farmers, access to clean water, and various facilities and health care."Murrin, who has stepped down from the board of Emvest, plans to unveil new directors and new projects for Emergent, the spokesman said, although he declined to give further details.Emergent's investments are driven by Murrin's views as outlined in his book "Breaking the Code of History", which focuses on his theory of historical cycles.One prediction included "armed conflict" as China expands and the United States' power declines.Earlier this year he outlined plans for funds based on six trends he believes will define the coming decades: the rise of a multipolar world, increased commodity rivalry, increased polarisation and a "move to war", growing military spending, a rising tide of epidemics and climate change.Payne confirmed her new role but declined to give detailed comments.Meanwhile Emergent director Alfred Vinton, who owned 5 percent of the firm, has left the firm.

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UPDATE 1-Valmont Q3 tops; flags Europe slowdown concerns

* Sees FY EPS $5.70-$5.90 vs est $5.87* Sees FY EPS at mid-to-lower end of outlook rangeOct 13 (Reuters) - Valmont Industries Inc posted quarterly results that topped market estimates on higher sales at its irrigation segment but warned that the economic slowdown, particularly in Europe, could hurt its business in the current quarter.The company, which makes infrastructure products such as metal and concrete poles, kept its full-year earnings outlook of $5.70-$5.90 a share but said it now expected "results to be in the mid-to-lower end of that range."Analysts, on average, expected full-year earnings of $5.87 a share, according to Thomson Reuters I/B/E/S.For the third quarter, net income rose to $42.1 million, or $1.59 a share, from $25.9 million, or 98 cents a share, a year ago.This result topped the $1.53-a-share profit analysts had expected.Revenue rose 27.34 percent to $672.2 million, spurred by a 71 percent jump in sales at its irrigation segment. Analysts had forecast revenue of $642 million.Shares of the Omaha, Nebraska-based company closed at $90.27 on Thursday on the New York Stock Exchange.